指導教授：沈中華臺灣大學：財務金融學研究所黃永松Huang, Yung-SungYung-SungHuang2014-11-272018-07-092014-11-272018-07-092014http://ntur.lib.ntu.edu.tw//handle/246246/262489由於證券商經營艱困，且國內資金外流嚴重，在政府及業者配合下，合力推動「離境證券業務」。離境證券業務(Offshore Securities Unit)，簡稱OSU，是政府目前推動的主要金融政策之一。OSU可搭配「兩岸特色金融」、「國人理財平台」、「自由經濟示範區」…等計劃，進行一連串金融措施鬆綁及商品開放，以利證券商推展外幣證券業務。 我國OSU是架構在「國際金融業務條例」的法律架構上，以銀行業國際金融業務分行(Offshore Banking Unit，簡稱OBU)為基礎，擴大參與者納入證券商。目的是希望OBU原本涉及證券領域而未有發揮的業務，交由具備證券專長的證券商承做。 主管機關因此針對母法-「國際金融業務條例」及子法-「國際金融業務條例施行細則」予以修法，再增訂「國際證券業務分公司管理辦法」及「證券商辦理外匯業務管理辦法」兩項管理辦法，搭配業者原本依循的各項業務辦法及商品法規涉及外幣業務者都一併進行修法，使得OSU的各項投資規範得以完整。各個條例及辦法的輪廓和內容，在本論文中都有完整介紹。 本論文探討OSU內容項目很多，其中以業務範圍、外幣資金來源、及外匯業務最為重要，加上最具實質效益的人民幣商品，上述內容都分別開闢專節做深入探討。另外在政策的鬆綁上，本人也針對主管機關正在研擬中的內容做出整理及預測。 本文後段除了陳述OSU的發展效益外，也與政府正在推動的「自由經濟示範區」做出關聯性說明。整體而言，本人對於OSU的看法十分正面，主要是因為OSU提供本土證券商得以轉型為投資銀行的機會；但在外匯業務及商品開放內容還有許多未盡如人意之處，本人也在結尾處提出了數點建議供決策者參考。In view of operation difficulty and serious domestic capital outflows, securities firms have worked together with the government to promote the "Offshore Securities Unit." "Offshore Securities Unit", or OSU, is one of the main financial policies currently promoted by the government. OSU may be carried out together with " Cross-Strait Specialty Finance", "Personal Financial Platform", "Free Economic Model Zone" and other plans as financial deregulation and trade opening measures to facilitate the promotion of foreign currency securities business by securities firms. In the R.O.C., OSU is based on the legal framework of the " Offshore Banking Act." Participants are expanded to include securities firms on the basis of the banking OBU (Offshore Banking Unit, or OBU). The purpose is to have certain securities business in which the OBU is involved undertaken by securities firms with expertise in securities. Therefore, the competent authority has amended the parent law "Offshore Banking Act" and sub-law "Offshore Banking Act Enforcement Rules" and further enacted two regulations: "Offshore Securities Unit Regulations" and "Regulations Governing Foreign Exchange Business of Securities Firms." The business regulations and commodity laws and regulations governing foreign currency business have also been amended. As a result, investment regulations governing OSU are complete. An outline and the content of each such act and regulation are provided in this paper. This paper discusses a number of aspects of the OSU, the most important being the business scope, source of funds in foreign currency, and foreign exchange business, with the most tangible benefits of RMB products. These issues are discussed in separate sections at length. As regards the deregulation policy, I have also compiled and predicted the contents on which the competent authority is currently deliberating. The last section of this paper presents the connection between the effects of the development of the OSU and the "Free Economic Model Zone" being promoted by the government. I am generally very positive about the OSU mainly because it provides opportunities for local securities firms to transform into investment banks. The development regarding foreign exchange and trade opening is not satisfactory in a number of areas, though. In this regard, I have also provided several recommendations for decision makers'' reference toward the end of the paper.第一章　緒論 1 第一節　研究背景 1 第二節　研究動機與目的 9 第三節　研究方法與章節架構說明 11 第二章　國際金融業務中心(OBU)架構探討 15 第一節　虛擬境外金融概念 15 第二節　我國OBU制度及演進 17 第三章　國際證券業務分公司(OSU)架構探討 26 第一節　我國OSU發展歷程 26 第二節 母法條文修正案簡介 32 第三節 子法草案內容簡介 36 第四節 主管機關權限 44 第五節 OSU與OBU比較 48 第六節 OSU與自由經濟示範區 50 第四章　離境證券業務內容研究 53 第一節　業務範圍 53 第二節　客戶對象 72 第三節 外匯業務之開放 75 第四節 人民幣業務之開放 87 第五節 金融商品之開放 94 第六節　外幣資金調度 102 第七節 租稅優惠探討 108 第八節 組織架構 111 第五章　OSU效益分析 120 第一節　OSU五大利基 120 第二節 初期效益將不顯著 123 第六章　結論與建議 127 第一節 結論 127 第二節 建議 132 第三節 研究限制 138 第四節 後續研究建議 140 參考文獻 141 附錄：「國際金融業務條例部分條文修正案總說明」 1431309111 bytesapplication/pdf論文公開時間：2014/02/26論文使用權限：同意無償授權離境證券業務國際證券業務分公司國際金融業務分行國際金融業務條例thesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/262489/1/ntu-103-P00745027-1.pdf